Section 1372.067 - Priority 5 Carryforward Classification(a) The priority 5 carryforward classification applies to an issuer that: (1) was created to act on behalf of this state or one or more political subdivisions of this state; and(2) is applying for carryforward for a project:(A) for which there has been an inducement resolution or other comparable preliminary approval; and(B) with respect to which: (i) a binding contract to incur significant expenditures for construction, reconstruction, or rehabilitation was entered into before submission of the application;(ii) significant expenditures for construction, reconstruction, or rehabilitation were readily identifiable with and necessary to carry out a binding contract for the supply of property or services or the sale of output; or(iii) significant expenditures were paid or incurred before submission of the application.(b) In this section, "significant expenditures" means expenditures that are greater than the lesser of: (2) 10 percent of the reasonably anticipated cost of the project.Tex. Gov't. Code § 1372.067
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. 9/1/1999.